Whether this is good news or bad might depend on your budget: An analysis from Redfin released Tuesday reports that while home sales in general are down from this time last year, there is one sector of the market that’s still on the upswing. In the Washington area, sales for the top 1 percent of the most expensive homes increased 2.4 percent over last year, while the remaining 99 percent of homes fell 8.7 percent.
So what’s that top-tier home gonna cost you? In DC, that means a home of at least $1.64 million, which is 4.7 times the median sale price in our market and sets us right in the middle of the cities Redfin examined—twice as expensive as Raleigh and Atlanta, but less than half as pricey as Los Angeles and San Francisco. The real estate site also conveniently puts things in perspective: In order to own said $1.64 million home, you’d need a suggested income of at least $281,000 a year. Your monthly mortgage? $6,551. Exactly where those homes are located isn’t much of a shocker, if you’ve been reading our luxury homes reports—Georgetown (where the average luxe home costs $2.895 million), Rosslyn, and Kalorama. And then there’s Redfin’s final tidbit: More than 25 percent of buyers paid for their high-end home all in cash.
Want to see the full analysis? Take a look on Redfin’s blog.
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